Following the approval of spot Bitcoin exchange-traded funds [ETFs] in the U.S., the community has been awaiting the arrival of Ethereum ETFs. Similar to Bitcoin, Ethereum faced its own set of hurdles. But things seem to be falling into place as the approval for ETFs by the Securities and Exchange Commission [SEC] could be weeks away.
According to Steve Kurz, the head of asset management at Galaxy Digital Ether ETFs, they will most likely get a green signal sometime in July. He believes that the ETFs are currently in the “window dressing” stage. Kurz added,
“Look, we’ve done this before. This is methodical, this is window dressing, and the SEC is engaged. We’ve been doing this for months now, we did it with the Bitcoin ETF, the products are substantially similar — we know the plumbing, we know the process.”
Currently, there are a total of eight firms lined up for approval of Ethereum ETFs. This covers BlackRock, Franklin Templeton, VanEck, Fidelity, iShares, Galaxy Digital, Grayscale, and 21Shares. These companies have already received permission to list their shares on exchanges. But before their shares can be traded, they must receive clearance for their S-1 filing.
Also Read: Cryptocurrency: 3 ETH Coins To Stash Before Ethereum ETF Boom
Can This Approval Boost the Price of Ethereum in July?
At press time, ETH was trading at $3,349.33 following a 2.58% daily drop. According to Changelly, ETH will surge to a high of $3,555.49. The average trading price for the altcoin will remain around $3,510. Ethereum could mostly see a bigger surge considering the current hype around spot ETFs.
In addition, a K33 Research analysis revealed that Ether ETFs would be a “golden egg” for the altcoin’s price. Ethereum could even beat Bitcoin in the initial weeks following its launch.
Also Read: Ethereum ETFs: $5B Net Inflows Expected in First 6 Months